Latest / Real Donald Trump Wisdom / The Art of the Deal - Chapter 2: Trump Cards - Elements of the Deal - Contain the Costs (1987)

Transcript

The Art of the Deal - Chapter 2: Trump Cards - Elements of the Deal - Contain the Costs (1987) · Real Donald Trump Wisdom

• 0:00
  Hey guys, back for another episode of Donald
• 0:02
  Trump's The Art of a Deal, Trump Card's Elements
• 0:04
  of a Deal, contained the Trump says. I believe
• 0:07
  in spending what you have to, but I also believe
• 0:09
  in not spending more than you should. When I
• 0:12
  was building low -income housing, the most important
• 0:14
  thing was to get it built quickly, inexpensively,
• 0:17
  and adequately, so you could rent it out and
• 0:19
  make a few bucks. That's when I learned to be
• 0:21
  cost -conscious. I never threw money around.
• 0:24
  I learned from my father that every penny counts.
• 0:27
  Because before too long, your pennies turn into
• 0:30
  dollars. To this day, if I feel a contractor
• 0:34
  is overcharging me, I'll pick up the phone, even
• 0:36
  if it's only for $5 ,000 or $10 ,000, and I'll
• 0:40
  complain. People say to me, what are you bothering
• 0:42
  for over a few bucks? My answer is that the day
• 0:45
  I can't pick up the telephone and make a $0 .25
• 0:48
  call to save $10 ,000 is the day I'm going to
• 0:51
  close up shop. The point is that you can dream
• 0:53
  great dreams, but they'll never amount to much
• 0:56
  if you can't turn them into reality at a reasonable
• 1:00
  cost. Very, very important point here, as Trump
• 1:02
  says, turning reality at a reasonable cost. So
• 1:06
  thinking about the budget, when you make a plan,
• 1:09
  regardless of how fancy or how ambitious the
• 1:12
  dreams are, you have to... Keep reality in mind
• 1:15
  and think of practical ways to get there by being
• 1:19
  cost conscious when you can. So as we mentioned
• 1:22
  in previous episode, Trump is extremely lavish
• 1:24
  in his personal department that he brands as
• 1:27
  a Versailles, a modern Versailles. But for his
• 1:30
  development, he tries to get the best quality
• 1:33
  for the most reasonable cost. He adds on. even
• 1:37
  small jobs can get out of control if you're not
• 1:39
  attentive for nearly seven years i watched from
• 1:41
  the window of my office as the city tried to
• 1:44
  rebuild the woman ring in central park at the
• 1:47
  end of that time millions of dollars had been
• 1:49
  wasted and the job was farther from being completed
• 1:52
  than when the work began they were all set to
• 1:55
  rip out the concrete and start over, but I finally
• 1:58
  couldn't stand it anymore, and I offered to do
• 1:59
  it myself. The job took four months to complete
• 2:02
  at a fraction of the city's costs. All right,
• 2:05
  what can we say about this? Trump, again, is
• 2:07
  showing his statesmanship. He's showing his role
• 2:11
  in active civic life. He saw from Trump Tower
• 2:15
  that the woman rink, which was the rink at the
• 2:19
  bottom of Central Park, It took seven years without
• 2:22
  any meaningful progress. And then he volunteered
• 2:26
  to do the job at the place of the city. And he
• 2:29
  did it in four months. So Trump's pragmatism
• 2:32
  is something we see today in the world of politics
• 2:34
  on the global stage. He always had that can -do
• 2:39
  attitude and that let's get the most bang for
• 2:42
  the buck. And there's no reason why things should
• 2:45
  take longer than they do. And what we glean here
• 2:53
  is that Trump has always been cost conscious.
• 2:57
  That's something that he learned from his father
• 2:59
  and it helped him in his business dealings and
• 3:02
  eventually also in his political life. One of
• 3:05
  the promises that Trump ran on is to initially
• 3:09
  was drain the swamp and more recently was on
• 3:12
  to eliminate all waste, fraud and abuse. That's
• 3:16
  the doge. imperative and um this is a very um
• 3:23
  very important lesson that can help you stay
• 3:25
  in business so contain the costs